Janney nabs 2 wirehouse teams with $400M
Janney grabbed two teams managing more than $400 million in combined client assets, according to the firm, marking them as the latest in a string of new hires.
The Simmons Point Group, led by Gary Lukachinski, Michael Geisen and Michael Oliver, managed more than $359 million in client assets, according to Janney. The former Morgan Stanley team joined Janney’s office in Hauppauge, New York.
Advisor Andrew Vitek managed $48 million in assets while at his former employer, Wells Fargo, according to Janney. He joins the regional firm’s office in Wyncote, Pennsylvania.
Vitek is a 24-year industry veteran, according to FINRA BrokerCheck records.
The new additions show a “successful year of growth,” and “the value of our entrepreneurial and client-focused culture,” Jerry Lombard, president of Janney’s private client group, said in a statement.
The Philadelphia-headquartered firm has a footprint from Maine to Ohio to Florida advising on $76 billion in client assets.
Morgan Stanley didn’t respond to requests for comment. Wells Fargo declined.
Janney’s recruiting has picked up pace in recent months — especially from wirehouses. In fact, approximately three quarters of their new recruits in the past year have joined from the largest firms, according to an interview with President Jerry Lombard in August.
Janney landed a 24-year industry veteran who managed over $120 million in client assets last week.
The firm opened up new Tennessee offices in August, welcoming four veteran advisors who oversaw $330 million in assets. In June, a two-man team, managing $185 million in client assets, opened up a new branch in North Carolina.
ADVISORS ON THE MOVE
Janney has added at least 35 financial advisors this year alone and 60 in the last 12 months, according to the firm.
Lukachinski began his career with John Hancock in 1988 before moving to Smith Barney in 1996, according FINRA BrokerCheck records.
Geisen began his career with Sterling Foster in 1995. Oliver started his career with Merrill Lynch in 2000, moving to Morgan Stanley six years later.